Guideline Value for GOVINDASAMY NAGAR 1ST STREET

Govindasamy Nagar 1st Street guideline value

The current guideline value of Govindasamy Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village and falls under the Neelankarai SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Govindasamy Nagar 1st Street has changed

Over the years, the guideline value of Govindasamy Nagar 1st Street has seen several revisions. The earliest recorded value is Rs 266 per sq.ft in 2002. This increased to Rs 500 per sq.ft in 2003, marking an increase of 88%. Following this, the value rose to Rs 800 per sq.ft in 2007, which is a change of 60%. The value then jumped significantly to Rs 2,500 per sq.ft in 2012, reflecting a substantial increase of 213%. However, it decreased to Rs 1,675 per sq.ft in 2017, a decline of 33%. The value increased again to Rs 2,500 per sq.ft in 2023, and most recently, it reached Rs 2,800 per sq.ft in 2024, marking a 12% increase from the previous year. There are no figures available for the revisions in years other than those listed.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, placing Govindasamy Nagar 1st Street's value below this median.

• Govindasamy Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Govindasamy Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Govindasamy Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• Govindasamy Nagar 5th Street: Rs 2,800 per sq.ft (2024)
• Govindasamy Nagar 6th Street: Rs 2,800 per sq.ft (2024)
• Heramba Ganapathy Nagar: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Govindasamy Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Govindasamy Nagar 1st Street?

The Sub Registrar Office that covers Govindasamy Nagar 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Perungudi

The guideline value is a crucial factor when registering property transactions in Perungudi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When a buyer or seller engages in a property transaction, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Govindasamy Nagar 1st Street?

The current guideline value of Govindasamy Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 266 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 953% over the years.

What is the land classification for Govindasamy Nagar 1st Street?

The land classification for Govindasamy Nagar 1st Street is Residential Class III Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Govindasamy Nagar 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 28,00,000 would incur a stamp duty of Rs 1,96,000 at the rate of 7%.